Surojit Chatterjee, Chief Product Officer (CPO) of Coinbase is the latest to give his predictions for the crypto industry in 2022 and thinks Ethereum will take big strides in scaling.
While industry leaders, analysts and investors are sharing their 2022 predictions for the crypto ecosystem, Chatterjee is confident that Ethereum will be at the forefront of Web 3.0 and the crypto economy. dies as it scales in a post on the blog on January 4.
Chatterjee claims Ethereum’s scalability will improve but alternative L1 networks will also receive a lot of interest.
“I am optimistic about Ethereum scalability improvements with the arrival of Ethereum 2.0 and more L2 Rollups.”
Coinbase CPO also added that newer L1 networks focusing on gaming and social networks will also appear, predicting that scalability will be greatly improved by advances in the L1-L2 bridge, and adds that the industry will “seek improvements in the speed and usability of the L1 and L1-L2 cross-bridges”.
These bridges allow multiple tokens to be migrated from an L1 network like Ethereum to an L2 network like Arbitrum and vice versa.
Referring to scaling technologies, Chatterjee specifically talked about ZK-rollup, claiming that it will “catch the attention of both investors and users.” Zero-Knowledge “aggregates” batch transaction data for more efficient processing on Ethereum’s L1.
Companies like Matter Labs have already made great strides in 2021 with the development and implementation of the Rollup-based L2 zkSync platform.
The L2 ecosystem has undergone massive expansion in 2021 with increased adoption for all major platforms. Follow L2beat, the total value locked (TVL) in the L2 ecosystem grew from around $50 million in January 2021 to $5.5 billion by year-end, an increase of nearly 11,000%.
Chatterjee predicts that more privacy-focused apps will emerge, but it will be closely watched by regulators as more KYC/AML policies are enforced.
“We will see new privacy-focused use cases emerge, including privacy-safe apps and privacy-integrated gaming models.”
Other predictions Chatterjee makes include more regulation across the industry, large institutions getting into DeFi, more DeFi coverage emerging, more major brands joining Metaverse and NFT, and Web companies 2.0 is competing to join Web 3.0.
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